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Money Orders

hexusnexushexusnexus Member Posts: 2 ✭✭
edited October 2013 in Ask the Experts
USPS money orders are same as cash, correct? I have a seller telling me the money order takes a week to clear his bank. Are there banks that do this? I am starting to get annoyed that my win has not been shipped yet.
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Comments

  • moonshinemoonshine Member Posts: 8,471
    edited November -1
    I've had the same problem. He also didn't pick up the registered mail for 2 days. Then told me he was not going to ship for 14 days. About that time I started sending emails. He took it to his FFL {so he said}
    and the FFL didn't ship 4or 4 days. My emails were getting hotter.
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  • mark christianmark christian Member Posts: 24,443 ✭✭✭✭
    edited November -1
    quote:Originally posted by hexusnexus
    USPS money orders are same as cash, correct? I have a seller telling me the money order takes a week to clear his bank. Are there banks that do this? I am starting to get annoyed that my win has not been shipped yet.


    No, nothing is the same as cash except cash itself...Those little pieces of paper with all those old dead guys on the front. So far as your bank is concerned a USPS money order is no better or worse than one from Walmart.
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  • CheechakoCheechako Member Posts: 563 ✭✭✭✭
    edited November -1
    Except, you can take a USPS money order into your local Post Office and cash it in immediately. Assuming they have enough cash on hand. It's best to wait until late afternoon or evening because that's when they have the most cash.

    I don't know about WalMart but I'd guess they operate the same way. But, you'd expect WalMart to always have a big supply of cash.
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  • nmyersnmyers Member Posts: 16,892 ✭✭✭✭
    edited November -1
    There are counterfeit USPS MO's being passed. I saw one recently, & it was good enough to fool people who aren't familiar with the real thing. Most banks don't even bother looking at them, because they will get reimbursed from the customer's account if it bounces.

    It's a valid excuse. And, that's the reason I send a cashiers check from a national bank; tellers at that bank anywhere in the US will verify them while you wait.

    Neal
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  • KEVD18KEVD18 Member Posts: 15,037
    edited November -1
    quote:Originally posted by Cheechako
    Except, you can take a USPS money order into your local Post Office and cash it in immediately. Assuming they have enough cash on hand. It's best to wait until late afternoon or evening because that's when they have the most cash.

    I don't know about WalMart but I'd guess they operate the same way. But, you'd expect WalMart to always have a big supply of cash.


    thats fine if the number is small enough, but many small town po's are never going to have a thousand plus dollars to give you for a money order. they dont do that kind of cash volume a week, much less a day.

    as mark said, nothing negotiates same as cash except cash anymore. there are too many scammers. bank checks can be faked just as easily as money orders from any source. while im not in love with the idea of cc surcharges, if you want it asap, then thats your best option.

    also keep in mind that many sellers here arent professionals. they are just people with jobs, kids, lives to live. they cant always ship next day. you know that going in. this isnt amazon with warehouses all over the country and next day shipping. this is largely a person to person venue...


    edit:

    true, but nothing says you cant buy more than one money order to pay your bill....

    in retrospect, 1k was even too high. there have been dozens of stories on the GD board of people being unable to cash PMO's for even a few hundred. nobody uses cash anymore and the PO isnt exactly killing it in volume these days...

    either way, no it isnt unreasonable for a seller to wait for the PMO to clear before shipping. SOP...
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  • CheechakoCheechako Member Posts: 563 ✭✭✭✭
    edited November -1
    $1000 is the maximum postal money order. I doubt if you're going to have many auction transactions that will be that much. If you do, a cashier's check is a better way to go because a bank can verify them while you wait. I'm not sure they will give you cash, but they can verify that it's real.
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  • rongrong Member Posts: 8,459
    edited November -1
    Except, you can take a USPS money order into your local Post Office and cash it in immediately. Assuming they have enough cash on hand. It's best to wait until late afternoon or evening because that's when they have the most cash.

    I've never been able to cash a money order at the 2 Post Offices
    I visit, they never seem to have enuff funds.
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  • lcdrdanrlcdrdanr Member Posts: 439 ✭✭✭
    edited November -1
    Even if the Post Office doesn't have sufficient funds to cash a USPS Money Order, the will (at least the ones I have been to) willingly check the Money Order for authenticity, something the bank cannot or will not do.
    Granted, it makes two stops on my part but I have several times taken a money order to the Post Office, had it essentially authenticated and then taken it to my bank for deposit. Leaving me with a warm and fuzzy that it won't be kicked back as a forgery sometime in the future after shipping the firearm.
    More trouble but provides me with peace of mind

    Dan R
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  • armilitearmilite Member Posts: 35,490 ✭✭✭
    edited November -1
    In this modern age of electronic transactions it only takes 3 days max for any type of check, money order or what have you to clear your bank. If anyone tells you otherwise they are full of crap.
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  • mark christianmark christian Member Posts: 24,443 ✭✭✭✭
    edited November -1
    USPS money orders have been covred several times in General Disccussion so any further comments on them or the notion that money orders "are cash" can be directed to either of these treads:

    http://forums.GunBroker.com/topic.asp?TOPIC_ID=578998

    http://forums.GunBroker.com/topic.asp?TOPIC_ID=601239
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